I am going to practice my negotiating skills this weekend, as a prep for the battle on the bourse at

Longacre

Personally, I really don’t like negotiating the prices of items. It is a little uncouth, in my opinion. However, we all know that on the bourse, it is a dog eat dog world, and a meek collector would be shredded to ribbons by the pit bulls unless he is a tough negotiator.

This weekend, I have the opportunity to hone my negotiating skills. My adorable in-laws are having an estate sale of their household goods, in order to ease the pain of a nearly $1 million hole that my mother-in-law succeeded in spending herself into. The professional estate sale organizer requires that family members work at the sale, and my shift is from 10 to 1 PM tomorrow.

Personally, I have a vested interest in selling everything that is not nailed down, because every dollar generated is one less dollar that I have to put out to support them. However, I cannot be willing to give things away, and should maximize the sales prices of the items. Therefore, I will employ all of the necessary tactics of coin dealers/sellers, including: (1) giving a look of disgust when a buyer offers a lower price, (2) telling the buyer I am “in” the item at a high cost, and my prices are already rock bottom, (3) explaining how excessively rare the $1,000 kitchen table is that my mother in law just had to have, and (4) telling the buyer that “someone” was just looking at the item, and it might not be there when they return, so they’d better buy it now, etc.

I figure that my experience tomorrow will give me a view to what happens on the “other side of the table”, and I will be better able to negotiate with the dealers come CoinFest time. So I guess I will learn something, and will not be too enraged tomorrow when the estate sale organizer is barking at me to “push the chatzskis!!” Wish me luck.

If there are any other coin selling tactics that you are aware of that I can apply tomorrow, please let me know.

ColonialCoinUnion

The first step should be to see if the kitchen table is an 'upgrade'.

BAJJERFAN

Has there been a who is going to Coinfest thread and does anyone know if CAC will be doing freebies there?

291fifth

If they have cash don't let them get away!

Broadstruck

Make sure you put on your battle face... as the best negotiating skill IMHO is just being able to walk away!

jfoot13

Well the look of disgust is a good start, no matter what they offer but if they quote a price that is acceptable and you feel you can squeeze a couple extra bucks out of them just say your NET price is .. and add whatever you feel you can... now if they start to walk away call them back and say " were you interested in something else also maybe we can work a package deal... that way you're getting rid of more stuff..... your prime objective is to turn inventory into cash.... it's not your inventory and if you turn enough it won't be more of YOUR cash....

NHSBaseball

Dang- you're actually having an estate sale without putting it all on Ebay saying "ESTATE SALE--L@@K!!!!"


Sign me up for the pinball machines- I'll give you $20 over whatever RYK bids...

rgCoinGuy

You forgot the most important thing of all.....

You need a roll of stickers to attach to all of the good for the grade items!

Oh, and Good Luck!

Julian

When you go to CoinFest, Michael, use the same negotiating skills that Mrs. L uses when she goes to Tiffany's. That is, pay what you are asked and thank the dealer for allowing you the ability to purchase this rare item.

As far as the estate sale goes, I hope that you are able to get as much as you can, so that your 10% commission fee will allow you to purchase more at CF.

Barry

Don't forget to eat a greasy, crumbly sandwich right over each item for sale as you discuss it.

shorecoll

rg beat me too it, I was going to say transfer a CAC sticker to that table then explain your policy of having the high end items professionally approved for their purchase and you are not charging them the $200 premium that the sticker entitles you to

SeaEagleCoins

Michael --- If you don't like to haggle then come on by to my table... I don't like a buyer to haggle either...

2ndCharter

Don't forget to wear a mustard-stained Hawaiian shirt this weekend.

coinkat

I hope the hired guns have a handle on identifying what is rare... best of luck...

PrivateCoinCollector

heck, get the dining room table slabbed.

Silverstate

Psst Buddy.....Those nick-nacks are rare.
Tell you what I am going to do for you today.
These beauties are a great investment, an heirloom.........

SanctionII

MOTHER IN LAW!!!!!!!!!!!!!!!

Does anyone in your extended family (including your wife) have the gumption to criticize your mother in law for putting her and her hubby in a deep financial hole? [with you possibly having to support them]

ricko

I suggest you get the book by Dr. Karrss.. 'The Art of Negotiating'.... not enough time to take the seminar..... Cheers, RickO

Longacre

In case anyone is playing along at home, I wanted to give an update. Now I realize how difficult people have it in retail, in particular the coin dealers. It is simply not easy to sell stuff, and everyone is always looking for something for nothing.

The day fill filled with emotion-- frustration, sadness, disgust, and happiness, to name a few. It was clear that a lot of the customers were not from my town, and they were shopping at the tag sale for general household items that one would normally buy in a regular store. It reminded me of when I was growing up dirt poor, and my mother and father used to buy clothes for us at tag sales. So I felt a little bad taking money from people for things that they might not have been able to truly afford.

Other things were frustrating, and I think that coin dealers encounter this all the time. I was in the basement at one point, and some guy wanted to buy these two old vacuum tube radios. He asked if I would take $60 for them. I said “sold!”. A few minutes later, I was assigned to the checkout table, and this same guy walked up, and put the radios on the table. I said, “that will be $60”. He looked at me and said, “will you take $50?” I said no because we negotiated $60 downstairs. He looked a little miffed, but still bought them.

The other frustrating thing was when a lot of people pulled the price tags off of the items, and then at the checkout table, they wanted to negotiate all new prices for things.

Personally, negotiating got really old, really fast, and I don’t know how the dealers do it on a daily basis. If my three hours of work on Saturday were any indication, I don’t think the coin dealers make enough money to put up with the buying public. They should make a lot more, and I now understand how difficult it is to keep a smile on your face, all while knowing that someone is trying to chisel your already razor-thin margins.

Overall, it was a decent day, and I got a contact at a shelter for abused women that we can donate the unsold furniture to, which is nice.

Coinosaurus

It doesn't take much time on the other side of the table to really change one's perspective. Everyone should try it at least one, and if you don't have a dealer bud you know well enough to let you, that might be a warning flag right there.

RYK

Sounds brutal. I'm not going to give up the day job.

rgCoinGuy

Sounds like Russ is going to have to be the Consortium's Salesman from here on out.

Still a good read, thanks for the follow up.

RYK

<< <i>Sounds like Russ is going to have to be the Consortium's Salesman from here on out.

Still a good read, thanks for the follow up. >>



Russ was always going to be the retail front man. Longacre's role is to arrange the financing, corporate structure, etc. I am in charge of picking out shipping material, designing the corporate polo jersey and generally doing nothing (just like the day job ).

dwssws

you sold the radios too cheap ( especially if they were from the 50"s/60's)

Longacre

<< <i>you sold the radios too cheap ( especially if they were from the 50"s/60's) >>




They were from either the 50s or 60s. I think they did sell cheap, but with all of the money my mother in law has burned through (and is looking to burn through mine next), I was eager to make a sale, rather than squeezing an extra $20 or so from the guy.

CoinRaritiesOnline

Good for you for going through all of that work.


I once went all out putting together a tag sale at my home. I put ads in several papers. I put signs out directing people from nearby streets. Lots and lots of man-hours prepping for this big day.

Well, it was an exhausing day. I think my gross sales were something like $66.

I particularly remember one guy. I had a brand new coffeemaker, still in the box. I marked the price $1 -- just to get rid of it. Near the end of the day, a guy picks it up and says -- "I'll give ya' 25 cents for it". I politely said, "No, I think I want the full $1 for that item."

He gave me a look like I had just thrown acid in his face. He put it down, and stormed off the property.

I still remember that look of hatred and disgust on his face.

Ever since that day, we donate everything we don't need anymore -- including furniture, etc. -- to Goodwill. Lesson learned -- life is just too short for that kind of nonsense.

coinkat

So you are donating all that Heywood Wakefield furniture that did not sell?